WASHINGTON (dpa-AFX) - Crude oil prices edged higher on Monday, amid optimism about outlook for energy demand as China announced a slew of measures to boost the sagging economy.
Reports about Tropical Storm Idalia becoming a hurricane later today, and its likely impact on energy operations in the Gulf Coast of Florida this week also contributed to the uptick in oil prices.
However, lingering concerns about the pace of global economic growth and uncertainty about the outlook for U.S. interest rates limited oil's upside.
West Texas Intermediate Crude oil futures for October ended higher by $0.27 or about 0.3% at $80.10 a barrel.
Oil prices received some support after China announced new steps to bolster its flagging economy and struggling stock market, helping to alleviate fuel demand concerns.
China approved the launch of 37 retail funds over the weekend and also halved the stamp duty on stock trading in the latest attempt to boost struggling markets.
Speculation that the U.S. could ease sanctions on Venezuela in a bid to boost supply limited oil's upside.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX